There has been talk for a while that a group of lawmakers in Washington are looking to impose a tax on all stock trades. The talk is true. Here is a link to the proposed bill.
As you can see the bill proposes a tax of 0.25% on all trades. One of the findings listed in the bill is that such a tax would have “a negligible impact on the average investor.” Clearly increasing the cost of a roundtrip trade of $10,000 by $50 is not negligible and will greatly impact trading and liquidity in the stock market. In their zeal to punish Wall Street for their wrongdoings lawmakers are overlooking the fact that many innocent, hard working individual investors will suffer tremendously from such a tax. Indeed, such a tax will be felt by any American who wants to save their money.
I am planning to establish an organization called The American Coalition of Individual Investors to give a voice to the group of individuals who supplement their income and small business owners who make their livings (and employ others) by investing in stocks, options and other financial instruments. First, though, I feel compelled to act with all haste and do whatever I can to inform the public about the hazards of H.R. 1068.
My first step has been to create a petition. Please take the time to go and add you name. Your response will be sent directly to your Representative.
Please stay tuned for further information about the American Coalition of Individual Investors. If you would like to add you name to our mailing list, please send a note to no2tradertax@gmail.com.
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the colateral damage from such a tax would be immense.........of course the online brokers and data providers.......but i'm also thinking of the etf companies in particular
ReplyDeletein addition i think this tax would drastically change the way our equity markets behave.......removing so much liquidity will have a devastating impact
seems like many in the industry are unaware of the consequences of this bill.........we need to get the word out
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